How To Set And Keep A Savings Goal

How To Set And Keep A Savings Goal

Saving money can seem really difficult sometimes. Surprisingly though, even the most lavish spender or cash-strapped could find it easier to put some money away if they follow a few simple steps. 

Here, we show you just a few simple changes you can make to the way you approach saving, that could help you succeed in reaching your saving targets.

Make A Goal

Firstly, set a goal. Having a target will motivate you. Saving for ‘something’ is more likely to get results than just saving without any idea why.

Whether it is for something you want or something you need, having an idea of what you want, when you want it and how much you want is a great place to start.

Make It Realistic

If you can instantly see that you have money left over each month, then that is wonderful; you can look to save some or all of this toward your goal. 

If you usually have little to nothing left after your bills, then you may need to take a closer look at your finances. You may not be able to make a change to your income, but there are often savings that you can  make on outgoings.  

Where you can make savings?  Maybe changing your energy supplier, changing your regular food brands, or stopping the coffee on the way to work to free up a few pounds could be an option that frees up some cash you could save. 

Whatever your situation, it is better to set an achievable amount as your regular target. You can always add extra if you get it. Overambitious targets may leave you feeling deflated if you miss, and this may lead to you giving up on your goal.

Set a realistic timeframe too; knowing how long it will take to get to your goal gives you a point to aim for.

Make It Regular

Plan to add to your savings on a regular basis and set a pattern. Contributing on a regular basis and ensuring you have a separate account for your savings is really important.  As soon as you have the money for your savings, make sure they actually go there.  If you let money linger in your usual account the temptation to spend it may stop you.  If your income is irregular use your budgeting skills to anticipate when the money will be available and put it away as soon as it comes in.

Make It Automatic

The more automated the process, the less likely you are to stop it happening.

Wherever possible, set up a regular standing order, this can help ensure that you actually stick to the saving timetable you set up. 

If you are not able to do so, then transfer the money online or pay the money into a seperate account as soon as possible. You are more likely to make it happen if you follow a routine.

If you are saving in a jar, have a piece of paper or spreadsheet to show the future saving dates and the total saved to date. This can be a huge incentive as you mark off each time you put money in and watch your total grow.

Make It Habit

The more saving becomes habit, the more likely you will stick with it.  Habits are hard to break and once you get into it, your savings could mount up quicker than you might expect!

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